Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
CUs Must Review 2014 HOEPA Requirements: NCUA Alert
ALEXANDRIA, Va. (1/8/14)--Credit unions that have not made any high-cost mortgages in the past must still verify whether their new mortgages are exempt from the new "high-cost" thresholds in the Consumer Financial Protection Bureau's amended Home Ownership and Equity Protection Act (HOEPA) rule, the National Credit Union Administration said in a new Regulatory Alert (14-RA-02).

And, the agency added, even if a credit union does not make any high-cost mortgages under the new coverage thresholds, there are still homeownership counseling elements of the HOEPA rule with which it must comply.

The NCUA alert noted that:
  • Credit unions that make any federally related mortgage loan must provide a written list of homeownership counseling organizations to applicants within three days of the application;
  • Credit unions that make mortgage loans to first-time borrowers that permit negative amortization must confirm that the first-time borrowers have received homeownership counseling before consummation; and
  • Credit unions that make high-cost mortgages or open-end credit secured by a consumer's principal dwelling must comply with new HOEPA consumer protections and homeownership counseling requirements.
The alert also reminded credit unions of the upcoming Jan. 10 HOEPA rule compliance date, and credit union responsibilities under the new rule.

For the full NCUA alert, use the resource link.
Other Resources

NCUA Alert
RSS





print
News Now LiveWire
.@Nussle, Cummins share #creditunion difference with Minn. biz journal http://t.co/7EZ4FdgfD9
25 minutes ago
.@cuna #GAC2015 countdown: @USTreasury 's Gerety, @CFPB 's Martinez join power-packed lineup http://t.co/nHNJ81tGbi
1 hour ago
A recent report from @TransUnion says consumers born 1981 or later made up 27% of total auto-loan originations in 2014, up 16% from 2009.
21 hours ago
.@CUNA says new House bill is "further evidence" of lawmakers' interest in how @TheNCUA uses its funds from CUs. See News Now Monday.
1 day ago
.@MECreditUnions announces winner of @YoungFreeME #SoundOff contest. @Sassquatch_Band will play Old Port Festival in June @PDD_Downtown
16 hours ago